Florida reduces its budget debt by $500 million from last year

State officials released an annual reporton Tuesday that shows for the first time in 20 years Florida's overall debt has dropped.

The state still owes about $27.7 billion that was used to pay for everything from buying environmentally-sensitive land to building new toll roads and new school buildings.

But the $500 million drop in debt is a big turnaround since the state was averaging an increase of $1 billion a year over the last decade.

The main reasons for the decline include a decision by state lawmakers to stop borrowing money for the Florida Forever program as well as a decision by Gov. Rick Scott this past spring to veto more than $100 million worth of college construction projects.